U.S. crude oil production hit its lowest point in more than two years last week, while stockpiles rose to a record high, showing the oil sector remains in the grip of a historic glut despite the easing of virus lockdowns and federal efforts to spark an economic recovery.

Production dropped 600,000 bbl/d to 10.5 million, the lowest since March 2018, according to the federal Energy Information Administration (EIA). Commercial crude stocks were at a record, rising to more than 539 million barrels.

U.S. oil production hit a record high of more than 13 million bbl/d in March, just before oil prices plunged.

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